IN BRIEF: Checkit posts annual results ahead of market expectations

Checkit PLC - Cambridge-based operations platform for the deskless workers - Says results for the year ended January 31 were ahead of market expectations, which it did not specify, despite widening its annual pretax loss to GBP12.0 million from GBP8.2 million the year prior. Adjusted loss before interest, tax, depreciation and amortisation widens to GBP6.4 million from GBP5.6 million. Revenue, meanwhile, increases to GBP10.3 million from GBP8.4 million. Annual recurring revenue increases 28% to GBP11.5 million from GBP9.0 million. Notes that new financial year has started well with continued sales momentum in line with the board's expectations. Consequently, expects to meet market expectations for financial 2024.

"The results are all the more impressive in the context of a turbulent economic and political backdrop in addition to growing inflationary pressures. These challenges have, so far, been navigated successfully with a focus on driving operational efficiencies and preserving cash," says Chief Executive Kit Kyte.

Current stock price: 27.45 pence, down 2.0% on Monday afternoon in London

12-month change: down 29%

By Heather Rydings, Alliance News senior economics reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Checkit